Greenberg cites “another great quarter” in earnings report

Greenberg cites “another great quarter” in earnings report | Insurance Business America

Insurance News

Greenberg cites “another great quarter” in earnings report

Net income and core operating income both up

Insurance News

By
Terry Gangcuangco

Chubb Limited chair and chief executive Evan G. Greenberg (pictured) is happy with the insurer’s performance in the three months ended June 30, calling the period “another great quarter” for the company.

Here’s how Chubb performed in the second quarter:

Metric

Q2 2024

Q2 2023

Property and casualty underwriting income

$1.418 billion

$1.425 billion

Global P&C (excludes agriculture) underwriting income

$1.383 billion

$1.337 billion

Life insurance segment income

$276 million

$254 million

Net income

$2.230 billion

$1.793 billion

Core operating income, net of tax

$2.196 billion

$2.044 billion

Commenting on the numbers, the CEO said: “We had another great quarter which contributed to record six-month results. Per-share core operating income in the quarter was up 9.3% while record year-to-date operating income was up 15.7%. Our P&C underwriting results in the quarter were simply excellent in spite of a higher level of catastrophe losses, highlighted by a published combined ratio of 86.8%, and supported by record ex-CAT current accident year underwriting income of $1.8 billion and a combined ratio of 83.2%.

“Adjusted investment income topped $1.5 billion, up nearly 26% and a record, and we grew life segment income about 11.5% in constant dollars with international life up over 15%. We produced double-digit premium revenue growth across the globe with strong results in our North America P&C, international P&C, and life insurance divisions.”

Greenberg went on to say: “In summary, we had a great quarter, and our results reflect the strength, breadth, and depth globally of the company. We are confident in our ability to continue growing our operating earnings at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income.”

In the first half, Chubb’s net income grew 18.7% to $4.373 billion.

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